Micron Technology crushed Wall Street expectations overnight, reporting Q3 revenue of $41.5 billion (a $6.2 billion beat) with cloud memory up 307% year-on-year and core data centre up 653%. The stock surged ~13% after hours, dragging Nasdaq futures up around 2% and effectively reversing the session's losses. Qualcomm added to the momentum with positive CEO commentary.

In today's Morning Call, Mark Gardner covers:

— Why Micron's result matters for the broader AI trade and whether the rally can continue from here
— Oil hitting its lowest level since before the Iran war as 20 million barrels transit the Strait of Hormuz
— The commodity rout across gold, silver, copper and crude — and where the buying opportunities might be
— U.S. dollar strength and what's driving the move despite weakening consumer discretionary budgets
— Australia's May employment data due today and what it means for the RBA rate path
— Trim mean inflation coming in slightly higher than expected — rate hikes still on the agenda?
— Healthcare sector green shoots: why names like CSL, Telix and Vive are starting to turn
— JPMorgan and Goldman Sachs boosted dividends after passing Fed stress tests
— a2 Milk's positive update and Tourism Holdings' fresh takeover approach

ASX 200 futures pointed ~20 points higher at the close. SPI up around 0.2% to 8,810.

Listen to Bulls vs Bears every Friday for a deeper weekly dive — available at mpcmarkets.com.au/podcast